DOCSLIB.ORG

All About Oil

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
All About Oil ALL ABOUT OIL HOW OIL GETS INTO THE OCEAN Large events like the Deepwater Horizon and Ixtoc oil spills are rare (although not rare enough), but oil has several more frequent ways of moving into the ocean. It is naturally released into the ocean by seeping through bottom sediments. Also, small spills regularly impact various parts of the Gulf of Mexico ecosystem. In Louisiana, 1500 events per year spill 330,000 gallons of Aerial dispersant application, May 5, 2010. U.S. Air Force, public domain. oil (Louisiana Oil Spill Coordinator’s Office). This fact sheet describes how three Gulf of Mexico ecosystems BARRIER ISLAND ECOSYSTEMS are affected by crude oil and some of the challenges we Washed up, weathered oil is easier to collect on sand face in cleaning oil from these habitats. beaches than in water. Machines help with oil removal. Oil biodegrades rapidly when exposed to the elements PROPERTIES OF OIL IN THE ENVIRONMENT on beaches. However, oil is often buried in the sand, Oil produced in different locations has different which preserves it for future exposure. properties. The oil released during the Deepwater Horizon Oil Spill was Louisiana Sweet Crude Oil. Sweet oil contains little sulfur, while sour oil has high sulfur content. Sweet oil is more valuable because sulfur reduces the effective energy content of the oil and damages pipelines. Louisiana Sweet is also a light oil, which means it has lower density and flows freely at room temperature. Light oil is more valuable than heavy (denser) oil because refining it produces a higher Oil approaching beach on Chandeleur Islands, La, 2010. Stewart Long, Grass percentage of gasoline and diesel fuel. Contact with Roots Mapping, creative commons. water or air causes crude oil to weather, a process that changes its chemical composition and removes some of DEEP‐WATER OCEAN ECOSYSTEMS the most toxic components. Dispersant use during the Deepwater Horizon spill caused some oil to be deposited in sediment below the DISPERSANT USE Gulf of Mexico. This prevented the oil from washing ashore and protected beaches and coastal ecosystems, A dispersant (shown in green but the effects of oil and dispersants on deep water in the figure) includes parts ecosystems are unknown. Scientists are studying these that attach to oil (a detergent, effects. shown in pink) and parts that attach to water. Dispersants have been spread on or near COASTAL/SALT MARSH ECOSYSTEMS the ocean’s surface in past oil Oil can damage salt marshes by killing vegetation that spills because they help break holds sediment in place, leading to marsh loss. Efforts to up the oil slick as shown in clean the fragile ecosystems may cause more damage the figure. This increases the than leaving the oil would. Allowing oil to degrade on rate of microbial degradation its own is an option that must be considered when and spreads some marshes are oiled. components of the oil through the depth of water. During the Deepwater Horizon Oil Spill dispersant was applied at a depth of Dahlia88, 2012, creative commons. about 1500 m (~5000 ft). Dispersants are toxic and scientists are exploring the effect of dispersants and the Oiled marsh in Mississippi Sound, 2010. Chris Snyder, GCRL, used by combination of dispersants and oil on organisms. permission. OIL SPILLS AROUND THE WORLD 1999 Kuwait Oil Wells, Gulf War Location: Persian Gulf, Iraq/Iran 1978 Amoco Cadiz Released: Estimated at 168-252 million gallons (637-954 Location: Brittany, France million liters) Released: ~67 million gallons (255 million liters) Composition: Iran Light Crude (average sulfur, density) Composition: Medium Arabian Crude (sour, light) Claimed Impacts: 240 miles of Persian Gulf coastline “beyond Reported Impact: Mousse slicks covering 125 miles of coast. repair.” Oiled beach, 1978. NOAA (http://response.restoration.noaa.gov/index.php), public domain. 1979 Ixtoc I Plumes of smoke from Kuwait oil well fires, 1991. NASA, public domain. Location: Bahia de Campeche, Mexico Released: 126 million gallons (477 million liters) 1970-2000 Niger River Delta Composition: Mexico-Maya Crude (very sour, light) Location: Nigeria Corexit 9527 used Released: 7,000 major spills released estimated 2.4 million tons Impacts: Widespread pollution of estuaries and coastal Composition: Nigeria Bonny Light (very sweet, light) lagoons; eliminated ghost crabs from large area. Claimed Impacts: Reduced life expectancy (40-years) among residents of rural communities that use river water. 2010 BP Deepwater Horizon Location: Northern Gulf of Mexico, United States Released: 210 million gallons (795 million liters) Dispersant: Corexit 9500/9527, 1.8 million gallons (6.8 million liters) Composition: Louisiana Sweet Crude (very sweet, light), Impacts: Data are still being collected regarding impacts to human and animal health and coastal and deep-water ecosystems. Adverse effect on seafood industry and tourism Ixtoc I oil well fire after the platform sank, Bay of Campeche, Mexico. from Texas to Florida. NOAA (http://response.restoration.noaa.gov/index.php), public domain. 1989 Exxon Valdez Location: Prince William Sound, Alaska Released: 11-32 million gallons (41-119 million liters) Composition: Prudhoe Bay Crude (heavy) Impacts: Large number of animal kills. Fire on the Deepwater Horizon rig, 2010. U.S. Coast Guard, public domain. REFERENCES State of Florida. Oil Spill Academic Task Force. Description of the MC252 crude oil. http://oilspill.fsu.edu/images/pdfs/mc-252crude-oil-desc.pdf. Retrieved 12/17/2013. Cleaning beaches after tanker Valdez ran aground, 1989, public domain. Louisiana Oil Spill Coordinator’s Office. Public Safety Services. http://www.losco.state.la.us/about.html. Retrieved 12/17/2013. Spill estimates from Wikipedia, retrieved 12/17/2013: http://en.wikipedia.org/wiki/Deepwater_Horizon_oil_spill. .
Load more

Recommended publications
  • Exclusion and Citizenship in the Arab Gulf States
    University of Pennsylvania ScholarlyCommons CUREJ - College Undergraduate Research Electronic Journal College of Arts and Sciences 5-15-2017 Crystallizing a Discourse of "Khalijiness": Exclusion and Citizenship in the Arab Gulf States Khaled A. Abdulkarim University of Pennsylvania, [email protected] Follow this and additional works at: https://repository.upenn.edu/curej Part of the Near Eastern Languages and Societies Commons Recommended Citation Abdulkarim, Khaled A., "Crystallizing a Discourse of "Khalijiness": Exclusion and Citizenship in the Arab Gulf States" 15 May 2017. CUREJ: College Undergraduate Research Electronic Journal, University of Pennsylvania, https://repository.upenn.edu/curej/211. A senior thesis submitted to the Huntsman Program in Business and International Studies, the University of Pennsylvania, in partial fulfillment of the program degree requirements. This paper is posted at ScholarlyCommons. https://repository.upenn.edu/curej/211 For more information, please contact [email protected]. Crystallizing a Discourse of "Khalijiness": Exclusion and Citizenship in the Arab Gulf States Abstract For many of the Arab Gulf countries, non-national populations constitute the majority of the population, with the discrepancy between the size of the national and non-national populations continuing to grow. It is in this context that the role played by these non-national populations becomes critically important. In my paper, I argue that exclusion of non-national populations from state-sponsored national identities, as manifest through citizenship rights, plays a pivotal role in fostering imagined national identities and communities among the local Arab Gulf citizens. The study considers two cases in particular: the bidoon (stateless) of Kuwait and middle-class Indian migrants in Dubai.
    [Show full text]
  • United States District Court Southern District of Texas Houston Division
    Case 4:10-md-02185 Document 113 Filed in TXSD on 02/14/11 Page 1 of 182 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION In re BP plc Securities Litigation No. 4:10-md-02185 Honorable Keith P. Ellison LEAD PLAINTIFFS NEW YORK AND OHIO’S CONSOLIDATED CLASS ACTION COMPLAINT FOR ALL PURCHASERS OF BP SECURITIES FROM JANUARY 16, 2007 THROUGH MAY 28, 2010 Case 4:10-md-02185 Document 113 Filed in TXSD on 02/14/11 Page 2 of 182 TABLE OF CONTENTS Page I. INTRODUCTION ...............................................................................................................2 II. JURISDICTION AND VENUE ........................................................................................11 III. THE PARTIES ..................................................................................................................11 A. Plaintiffs .................................................................................................................11 B. Defendants .............................................................................................................12 C. Non-Party ...............................................................................................................17 IV. BACKGROUND ...............................................................................................................17 A. BP’s Relevant Operations ......................................................................................17 B. BP’s Process Safety Controls Were Deficient Prior to the Class Period ...............18
    [Show full text]
  • Geopolitics, Oil Law Reform, and Commodity Market Expectations
    OKLAHOMA LAW REVIEW VOLUME 63 WINTER 2011 NUMBER 2 GEOPOLITICS, OIL LAW REFORM, AND COMMODITY MARKET EXPECTATIONS ROBERT BEJESKY * Table of Contents I. Introduction .................................... ........... 193 II. Geopolitics and Market Equilibrium . .............. 197 III. Historical U.S. Foreign Policy in the Middle East ................ 202 IV. Enter OPEC ..................................... ......... 210 V. Oil Industry Reform Planning for Iraq . ............... 215 VI. Occupation Announcements and Economics . ........... 228 VII. Iraq’s 2007 Oil and Gas Bill . .............. 237 VIII. Oil Price Surges . ............ 249 IX. Strategic Interests in Afghanistan . ................ 265 X. Conclusion ...................................... ......... 273 I. Introduction The 1973 oil supply shock elevated OPEC to world attention and ensconced it in the general consciousness as a confederacy that is potentially * M.A. Political Science (Michigan), M.A. Applied Economics (Michigan), LL.M. International Law (Georgetown). The author has taught international law courses for Cooley Law School and the Department of Political Science at the University of Michigan, American Government and Constitutional Law courses for Alma College, and business law courses at Central Michigan University and the University of Miami. 193 194 OKLAHOMA LAW REVIEW [Vol. 63:193 antithetical to global energy needs. From 1986 until mid-1999, prices generally fluctuated within a $10 to $20 per barrel band, but alarms sounded when market prices started hovering above $30. 1 In July 2001, Senator Arlen Specter addressed the Senate regarding the need to confront OPEC and urged President Bush to file an International Court of Justice case against the organization, on the basis that perceived antitrust violations were a breach of “general principles of law.” 2 Prices dipped initially, but began a precipitous rise in mid-March 2002.
    [Show full text]
  • Oversight Hearing Committee on Natural Resources U.S
    FINAL REPORT OF THE PRESIDENT’S NATIONAL COMMISSION ON THE BP DEEPWATER HORIZON OIL SPILL AND OFFSHORE DRILLING OVERSIGHT HEARING BEFORE THE COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION Wednesday, January 26, 2011 Serial No. 112-1 Printed for the use of the Committee on Natural Resources ( Available via the World Wide Web: http://www.gpoaccess.gov/congress/index.html or Committee address: http://naturalresources.house.gov U.S. GOVERNMENT PRINTING OFFICE 63-876 PDF WASHINGTON : 2011 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 13:18 Mar 14, 2011 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\DOCS\63876.TXT Hresour1 PsN: KATHY COMMITTEE ON NATURAL RESOURCES DOC HASTINGS, WA, Chairman EDWARD J. MARKEY, MA, Ranking Democrat Member Don Young, AK Dale E. Kildee, MI John J. Duncan, Jr., TN Peter A. DeFazio, OR Louie Gohmert, TX Eni F.H. Faleomavaega, AS Rob Bishop, UT Frank Pallone, Jr., NJ Doug Lamborn, CO Grace F. Napolitano, CA Robert J. Wittman, VA Rush D. Holt, NJ Paul C. Broun, GA Rau´ l M. Grijalva, AZ John Fleming, LA Madeleine Z. Bordallo, GU Mike Coffman, CO Jim Costa, CA Tom McClintock, CA Dan Boren, OK Glenn Thompson, PA Gregorio Kilili Camacho Sablan, CNMI Jeff Denham, CA Martin Heinrich, NM Dan Benishek, MI Ben Ray Luja´n, NM David Rivera, FL Donna M.
    [Show full text]
  • Equinor Makes It Work Globally with Synergi
    SAFER, SMARTER, GREENER © xxx Equinor © Statoil - Hald Pettersen © Statoil DIGITAL SOLUTIONS – SYNERGI™ LIFE EQUINOR MAKES IT WORK GLOBALLY WITH SYNERGI Customer story – Equinor Operating in some 40 countries, Norwegian oil company Equinor has ambitious goals for further worldwide growth. Synergi Life is the group’s risk management system wherever it goes, regardless of geography and language. Equinor has always had an international orientation, but the department for analysis, monitoring and support in the group’s character of its operations has been changing. Much respected International Exploration & Production business area, and Synergi for its deepwater drilling expertise, the group has primarily been Life is part of his everyday life. a partner to other operators when it is outside the Norwegian continental shelf (NCS). “We have no exceptions in Equinor – everyone uses Synergi Life in every country,” Mr Martinsen explains. “If they don’t have PCs, Over the last few years, however, it has been acquiring operator- we must accept that they need to use paper forms. And if they ships in various countries, including the US Gulf of Mexico, Brazil can’t read and write, we’ll have to solve that as well.” and Canada. The overall quality, health, safety and environmental (QHSE) strategy thereby becomes Equinor’s responsibility and “That’s because a key criterion for success in the HSE area is a allows it to explore some new challenges. country manager who’s dedicated to HSE work and who realizes the importance of good quality reports,” he says. “One particular “We’ve been a big Synergi Life user since the beginning, and enthusiast in Iran has now been nominated for our internal HSE we get a lot of good output,” says Arne M.
    [Show full text]
  • World Oil Prices: Market Expectations, the House of Saud, and the Transient Effect of Supply Disruptions
    World Oil Prices: Market Expectations, the House of Saud, and the Transient Effect of Supply Disruptions By Benjamin Zycher June 2016 KEY POINTS • The common argument that the sharp decline in oil prices during 2014–15 inevitably will lead to another steep increase is largely unsupported by the data on current and futures prices. • The House of Saud may perceive an increased need to buy internal political support, and even a rising threat of overthrow from opponents internal or external, which would increase incentives for lower prices and increased output in the near term. • The recent moderate upturn in prices is consistent with the data showing increases in supply disruptions, but both economic analysis and the historical evidence suggest that the price effects of important supply disrup- tions tend to dissipate quickly. everal observers have argued that the recent sharp of spot prices and rates of return to arbitrage activities Sdecline in oil prices is unlikely to last, largely does not support that conclusion. because pricing strategy by Saudi Arabia can be Observed Saudi production and pricing strategy is described as “dynamic profit maximization” designed consistent with a different hypothesis: the House of to drive overseas competitors out of business in the Saud’s increased fears of internal and external threats short run, and to erode investment in new competitive to its rule, and an increased possibility of some sort of production capacity over the longer term. Punishment overthrow. In addition, the more recent partial recov- of overseas competitors unquestionably is a component ery of international oil prices is consistent with an of Saudi strategy, but the ensuing conclusion that sharp observed increase in global supply disruptions, so that price increases are to be expected does not follow.
    [Show full text]
  • Deepwater Horizon Oil Spill: Recent Activities and Ongoing Developments
    Deepwater Horizon Oil Spill: Recent Activities and Ongoing Developments Updated April 17, 2015 Congressional Research Service https://crsreports.congress.gov R42942 Deepwater Horizon Oil Spill: Recent Activities and Ongoing Developments Summary In the wake of the explosion of the Deepwater Horizon offshore drilling rig in the Gulf of Mexico on April 20, 2010, federal agencies, state and local government agencies, and responsible parties faced an unprecedented challenge. An oil discharge continued for 87 days, resulting in the largest ever oil spill in U.S. waters. Led by the U.S. Coast Guard, response activities were extensive for several years but have diminished substantially: At the height of operations (summer of 2010), response personnel numbered over 47,000. As of April 2015, 30 response personnel, including federal officials and civilians, are working on activities related to the Deepwater Horizon incident. In February 2015, a Coast Guard memorandum announced that in March 2015, the Gulf Coast Incident Management Team (GCIMT) would “transition from Phase III (Operations) ... and reconstitute as a Phase IV Documentation Team.” As part of that transition, Coast Guard field unit commanders would respond to reports of oil spills in their respective areas of responsibility. As one of the responsible parties, BP has spent over $14 billion in cleanup operations. In addition, BP has paid over $15 billion to the federal government, state and local governments, and private parties for economic claims and other expenses, including reimbursements for response costs related to the oil spill. BP and other responsible parties have agreed to civil and/or criminal settlements with the Department of Justice (DOJ).
    [Show full text]
  • Oil Spill by the Oil Rig “Deepwater Horizon”
    Case 2:10-md-02179-CJB-DPC Document 26924 Filed 02/23/21 Page 1 of 9 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF LOUISIANA In Re: Oil Spill by the Oil Rig * MDL 2179 “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010 * SECTION: J(2) Applies to: * JUDGE BARBIER All Cases in the B3 Pleading Bundle * MAG. JUDGE CURRAULT CASE MANAGEMENT ORDER FOR THE B3 BUNDLE This multidistrict litigation (“MDL”) arose from the blowout, explosions, and fire on the mobile offshore drilling unit DEEPWATER HORIZON on April 20, 2010, and the massive oil spill that resulted in the Gulf of Mexico. Early on, the Court organized the various types of claims into “pleading bundles.” (See PTO 11, Rec. Doc. 569; PTO 25, Rec. Doc. 983). Relevant here is the “B3 bundle,” which consists of claims for personal injury and wrongful death due to exposure to oil and/or other chemicals used during the oil spill response (e.g., dispersant).1 “B3 plaintiff/claim/case” refers to a plaintiff, claim, or case in this bundle. Approximately 810 of the 839 cases remaining in the MDL are in the B3 bundle.2 On November 17, 2020, the Court held a status conference to discuss future case management for the B3 bundle. (See 11/17/20 Minute Entry, Rec. Doc. 26784; Transcript, Rec. Doc. 26788). After hearing counsels’ arguments—and having 1 While all of the remaining B3 cases assert chemical exposure claims, approximately 60 also allege a non-exposure injury (e.g., slip and fall while performing cleanup work).
    [Show full text]
  • American Real Estate Society 35Th Annual Meeting 2019 PROGRAM
    35th American Real Estate Society Annual Meeting, April 9-13 2019 JW Marriott, Camelback Inn, Paradise Valley, Arizona American Real Estate Society 35th Annual Meeting 2019 PROGRAM J W Marriott Camelback Inn Paradise Valley Arizona April 9-13 2019 35th American Real Estate Society Annual Meeting, April 9-13 2019 JW Marriott, Camelback Inn, Paradise Valley, Arizona 35th American Real Estate Society Annual Meeting April 9th – 13th 2019 - Program Overview Tuesday April 9th 6.00pm-9.00pm Camelback Patio Event Board of Directors Reception Wednesday April 10th 7.45am-5.00pm Arizona Ballroom Registration Desk Registration North 8.00am-12.00pm Salons A-B Event ARES Board of Directors Meeting (by invitation) 11.00am-1.00pm Salons E Event Center Directors/Chairholders Meeting (by invitation) 12.00pm-1.00pm Camelback Patio Event ARES Foundation Meeting (by invitation) 1.00pm-5.30pm Salons H-I Session 1 Critical Issues Seminar 5.30pm-6.30pm Salon B Event IRES Board Meeting 6.30pm-9.00pm Camelback Patio Event Welcome Reception Thursday April 11th 7.00am-10.00am Salon G Event C-WI(RE)2 Caucas Networking Followed by Panel 7.00am-8.30am Camelback Patio Event Networking 7.45am-5.00pm Arizona Ballroom Registration Desk Registration North 8.00am-10.00am Salon A Session 2 Big Data, Residential Valuation & Data Modeling Salon B Session 3 House Price Diffusion Salon C Session 4 Investment Strategies in Exchange Traded Markets Salon D Session 5 Asset Management: Investment Perspectives Salon E Session 6 Real Estate Agents and Brokerage Salon G Session 7 C-WI(RE)2
    [Show full text]
  • Bp: Beyond Petroleum?
    University of Wollongong Research Online Faculty of Arts - Papers (Archive) Faculty of Arts, Social Sciences & Humanities January 2002 bp: Beyond Petroleum? Sharon Beder University of Wollongong, [email protected] Follow this and additional works at: https://ro.uow.edu.au/artspapers Part of the Arts and Humanities Commons, and the Social and Behavioral Sciences Commons Recommended Citation Beder, Sharon, bp: Beyond Petroleum? 2002. https://ro.uow.edu.au/artspapers/49 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] Draft version of Sharon Beder, 'bp: Beyond Petroleum?' in Battling Big Business: Countering greenwash, infiltration and other forms of corporate bullying, edited by Eveline Lubbers, Green Books, Devon, UK, 2002, pp. 26-32 In 2000 the transnational oil giant BP Amoco rebranded itself as "bp: beyond petroleum." The rebranding was part of an effort to portray BP as an energy company, not just an oil company: one that incorporated solar energy in its portfolio and was willing to move away from oil. BP replaced its logo with a vibrant green-white-and-yellow sunburst named after Helios, the ancient Greek sun god. The logo was meant to connote "commitment to the environment and solar power" and promote the new bp "as the supermajor of choice for the environmentally-aware motorist."[1] The lower-case letters were chosen "because focus groups say bp is friendlier than the old imperialistic BP," which stood for British Petroleum.[2] Along with its new name, bp launched a new line of petrol station in the US, UK and Australia called bp connect, intended to "reposition BP Amoco, an old- economy gas station giant, into a progressive, environmentally friendly retailer." [3] Petrol is just one of many items for sale at the high-tech stations, which are equipped with solar panels.
    [Show full text]
  • Bp to Grow Mobility and Convenience Presence in America, Integrating Convenience Leader Thorntons
    bp to grow mobility and convenience presence in America, integrating convenience leader Thorntons 13 July 2021 • Acquisition will bring bp more than 200 high-quality retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida • Deal marks bp’s re-entry into fully owned and operated stores in the US • Supports bp’s strategy of growing its convenience and mobility business bp announced an agreement to grow its presence in the US fuels and convenience retail business by taking full ownership of its Thorntons joint venture. bp has agreed to acquire the majority share it does not already own in the business from ArcLight Capital Partners, LLC. Once the transaction is complete, bp will become a leading convenience operator in the Midwest, with 208 owned and operated locations across six states, including Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida. bp plans to retain and build on the Thorntons brand. David Lawler, chairman and president, bp America: “We have a proud history of high-quality retail brands across the country. Incorporating Thorntons into our business combines their customer-first culture with our existing US retail network and will help us deliver our convenience strategy of offering customers what they want, where and when they want it.” Headquartered in Louisville, KY, Thorntons provides a competitive consumer offer and strong business operations. bp intends to build on, and further enhance, this long tradition of providing a distinctive customer experience while creating integrated value across bp’s mobility and convenience and fuels supply businesses. Convenience retail is evolving amid rising demand from consumers with ever-changing needs.
    [Show full text]
  • The US Response to Attacks on Persian Gulf Oil Infrastructure and Strategic Implications for Petro-States
    ISSUE BRIEF 10.29.19 The US Response to Attacks on Persian Gulf Oil Infrastructure and Strategic Implications for Petro-States Jim Krane, Ph.D., Wallace S. Wilson Fellow for Energy Studies Mark Finley, Fellow in Energy and Global Oil On Sept. 14, 2019, Saudi Aramco’s enormous oil tanker and its crew for two months. In oil processing plant at Abqaiq was hit in a October, Iran’s national tanker company surprise cruise missile and drone attack. reported an attack on an Iranian oil tanker Further strikes damaged facilities at the in the Red Sea.3 Khurais oil field 150 miles away. The attacks None of these disruptions had more on some of the world’s most vital pieces of than a short-lived effect on global oil prices. energy infrastructure initially knocked out Iran appears to have played a direct or 5.7 million barrels per day (Mb/d) of Saudi indirect role in the May/June tanker and oil production and 0.7 Mb/d of natural gas Saudi attacks. But the Trump administration liquids production, the largest ever outage has not, as yet, followed the guidelines in in volume terms in the modern history of oil. the 1980 Carter Doctrine, which states that Oil prices immediately jumped from $60 to Washington would use military force—if $69 per barrel. necessary—to protect its interests in the Gulf. Just over two weeks later, the sense of The US president suggested at one point urgency was gone. Saudi Aramco had fully that ultimate responsibility in dealing with restored the lost production, even as repairs the attacks rested with Saudi Arabia.
    [Show full text]